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Problem 2-35 (LO. 3, 4)
Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a “specified services” business. In 2019, the business pays $60,000 of W–2 wages and generates $200,000 of qualified business income. Susan also has a part-time job earning wages of $11,000 and receives $3,200 of interest income.
Assume the QBI amount is net of the self-employment tax deduction.
What is Susan's tentative QBI based on the W–2 Wages/Capital Investment Limit?
Determine Susan's allowable QBI deduction.